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Market Watch Nov 18: Bitcoin Moves Upward But Future Price Hard to Predict.

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Crypto trading experts are finding it difficult to predict the future price of Bitcoin as the market struggles to come over the turmoil brought in by the fallout of FTX. It has been a difficult year for the global cryptocurrency market which witnessed a dramatic collapse of major crypto firms and projects.

The bulls are trying to catch up with the predominantly bearish digital assets. Bitcoin, up by 2.18% in the last 24 hours, is trading at $16,819. Ether is holding at $1,218 after gaining 1.66%. The altcoins have also recorded gains. Litcoin gained 9.45% in the last 24 hours, making it the biggest gainer. Solana is down 3.48% in the last 24 hours.

Coming back to the popular Bitcoin, there’s a lot of uncertainty about it. It’s not showing volatility. Two weeks ago, BTC had struck $21,364 mark, and then there was a retrace. Since the past week, Bitcoin is keeping close to the $16,000 level, with resistance at $16,900. It’s to be seen whether the digital gold will manage to breach this crucial resistance for an upside.

Moustache, a pseudonymous crypto expert, cited chart analyses highlighting the largest descending broadening wedge for Bitcoin in history. He said the price has always risen rapidly after that and referred to the similar large descending broadening wedge patterns that BTC had previously formed in 2019 and 2020. The expert foresees the price rise could occur in the first half of 2023, touch the all-time high of $69,000 and settle down again to $40,000. Moustache pointed out that Bitcoin had to hold the level at around $15,800 to avoid the downfall continuation that risks it dropping down to $13,000.

 

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